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it's a consumer-driven economy. about 70% of the economy is consumer driven. and the other thing the president put on the table, i understand, is refinancing proposal. >> right. >> where people trapped in 7%, 8% mortgages can go down to 4% and 5% mortgages have money in their pocket. these are responsible homeowners to spend out there. so the republicans, i think they're brooding. i think they're upset. i think they're in shock over this election. and they are behaving badly in this sense. we can join hands and take care of the tax cuts for 98% of the american people. can you imagine if i told you, we were in an argument and i gave you 98% of what you want, wouldn't you grab it? this doesn't make any sense to the folks out there. and that's why the courageous republicans like tom cole deserve a lot of credit. but their leaders don't have the message. i don't know what they want. they want a presidential election do-over? that isn't going to happen. this was one of the major issues in the election. let's get on with it and help the middle class, ask the wealthi
it's a consumer-driven economy. about 70% of the economy is consumer driven. and the other thing the president put on the table, i understand, is refinancing proposal. >> right. >> where people trapped in 7%, 8% mortgages can go down to 4% and 5% mortgages have money in their pocket. these are responsible homeowners to spend out there. so the republicans, i think they're brooding. i think they're upset. i think they're in shock over this election. and they are behaving badly in this...
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. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600 pennsylvania? >> well, good afternoon, craig. as you can see the holiday decorations are going up here at the white house. but it doesn't seem like anyone is in the holiday spirit. in fact, house speaker john boehner today said that these negotiations are essentially in a stalemate. president obama as you know hit the road, went to hatfield, pennsylvania to take his case to the people of pennsylvania. trying to put pressure on republicans to get on board with his plan to increase taxes on the wealthiest americans. he made his case at a toy maker there and exceptionally said that if lawmakers can't get a deal done
. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600...
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minister has defended the package, saying that a greek bankruptcy would be a major blow to the world economy. >> rescuing greece has been a main priority for the government, the citizens want to know -- what will it cost? >> an overwhelming majority bank of the measures, although the opposition left party voted no. there is still a sense of unease among lawmakers about the cost to taxpayers. the finance minister sought to calm the doubts. >> we are pursuing a policy that restructure's degree budget and economy with as few costs and risks as possible for both germany and your -- europe. it is our goal and must remain our goal that greece at some point must shoulder its debts on its own and that the markets accept greece as a creditor. >> athens still has a long way to go before that happens. german lawmakers acknowledge the sacrifices greeks have already made and understand the ongoing protests. the necessary measures are hitting a lot of people hard. the new bailout package is worth 44 billion euros. germany will bear 730 million of that in the coming year. the opposition accuses the governm
minister has defended the package, saying that a greek bankruptcy would be a major blow to the world economy. >> rescuing greece has been a main priority for the government, the citizens want to know -- what will it cost? >> an overwhelming majority bank of the measures, although the opposition left party voted no. there is still a sense of unease among lawmakers about the cost to taxpayers. the finance minister sought to calm the doubts. >> we are pursuing a policy that...
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it will hurt the economy allegedly. i don't buy it but that is what everyone -- >> bret: it will hurt the pentagon, correct? >> right. and the domestic spending cuts. fiscal cliff is not cutting spending. it's about preventing a tax increase that preventing spending cuts. now the republican arguement is more complicated. to use the deadline, legitimate argument. i agree with it in principle. use the deadline to get the longer range spending cuts. the president can say fine, i want to negotiate those next year. can't do it in three weeks. incidentally, speaker boehner what medicare cuts are you for, he will say? if the republican position, the republicans campaigned against $716 million in medicare cuts from the current program. republicans for medicare reform. not for squeezing the current program. they will say i want to give the middle class, make sure the middle class tax rate stay where they are. i don't want the republicans to squeeze medicare more than we did, have done in the past. i'm worried. that the president
it will hurt the economy allegedly. i don't buy it but that is what everyone -- >> bret: it will hurt the pentagon, correct? >> right. and the domestic spending cuts. fiscal cliff is not cutting spending. it's about preventing a tax increase that preventing spending cuts. now the republican arguement is more complicated. to use the deadline, legitimate argument. i agree with it in principle. use the deadline to get the longer range spending cuts. the president can say fine, i want...
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as a measure of the economy's health at all we'll discuss and earlier this week we asked the natural commentator peter schiff about his hyper inflation calls. i know that you're saying you can't predict when this is going to happen but why haven't we seen that happen well you know i guess i still say the hyperinflation is the worst case scenario. that interview received traction from a certain new york times economist will discuss in loose change let's get to today's capital account. today we'll forget about the fiscal cliff for a moment and talk about some other deadlines.
as a measure of the economy's health at all we'll discuss and earlier this week we asked the natural commentator peter schiff about his hyper inflation calls. i know that you're saying you can't predict when this is going to happen but why haven't we seen that happen well you know i guess i still say the hyperinflation is the worst case scenario. that interview received traction from a certain new york times economist will discuss in loose change let's get to today's capital account. today...
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find out what's really happening to the global economy with mike's cancer for a no holds barred look at the global financial headlines tune into cars a report on our. unfortunate and counterproductive that's how washington describes the u.n. general assembly historic vote despite more than two thirds of the world saying yes to palestine's bid for statehood israel's prime minister called the move meaningless on the palestinian people but their drive would bring no change their lives. these ladies certainly are downplaying the significance of this vote although we have seen them would use the kind of rhetoric that they've been acting over the past few weeks and months so they're no longer issuing the same kinds of threats that they were before presumably because they understand that this will only further isolate them in the international community the israeli prime minister benjamin netanyahu has repeatedly said that this vote does not change the reality on the ground the israeli position is that it is a unilateral step by the palestinians they accuse the resolution of being one sided
find out what's really happening to the global economy with mike's cancer for a no holds barred look at the global financial headlines tune into cars a report on our. unfortunate and counterproductive that's how washington describes the u.n. general assembly historic vote despite more than two thirds of the world saying yes to palestine's bid for statehood israel's prime minister called the move meaningless on the palestinian people but their drive would bring no change their lives. these...
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i want to stimulate the economy. this adds a new dimension to it. he gave his back of the hand to boehner's -- for the debt -- this is a rejuvenated president adding things to the table, not taking them off. >> it is pretty amazing. adding stimulus to the table means exactly what you just said eliot. it means emphasizing jobs and growth instead of deficit reduction. that's something that's going to make liberals in washington extremely happy and the whole package including this debt ceiling, getting rid of congress's authority over the debt ceiling is something -- it is just politically strong. it is going to make his voters feel emboldened. they're going to give them something to rally around instead of a discussion on numbers and how much are we going to give to entitlements. he said to his base and to his voters who just re-elected him by a reasonably handy margin, we've got something to fight for here. >> eliot: i don't want to go off on the conversation exclusively about the debt ceiling but he's right about saying to congress you pass the spen
i want to stimulate the economy. this adds a new dimension to it. he gave his back of the hand to boehner's -- for the debt -- this is a rejuvenated president adding things to the table, not taking them off. >> it is pretty amazing. adding stimulus to the table means exactly what you just said eliot. it means emphasizing jobs and growth instead of deficit reduction. that's something that's going to make liberals in washington extremely happy and the whole package including this debt...
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find out what's really happening to the global economy for a no holds barred look at the global financial headlines today in two cars a report on our. welcome back you're watching r.t. live from moscow and the world's most famous was a lower jewel in a saunders again out of the headlines as a media speculates on the condition of his health meanwhile asuncion self promises more sensational classified disclosures as he speaks to our teens or smith at a quid or an embassy in london where he's been holed up for almost six months. as any journalist working in london now is i'm pretty familiar with standing outside the ecuadorian embassy waiting for julian assange is to come out and talk from the balcony just to my right here but this evening i've been inside your embassy to talk to judy and i saw he's recently written a book a book called cypherpunks freedom and the future of the internet and that's what he really wants to talk about at the moment and we did talk about that we talked about how he sees this increase in state surveillance is hugely damaging for the entire fabric of society how c
find out what's really happening to the global economy for a no holds barred look at the global financial headlines today in two cars a report on our. welcome back you're watching r.t. live from moscow and the world's most famous was a lower jewel in a saunders again out of the headlines as a media speculates on the condition of his health meanwhile asuncion self promises more sensational classified disclosures as he speaks to our teens or smith at a quid or an embassy in london where he's been...
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as a measure of the economy's health at all we'll discuss and earlier this week we asked the natural commentator peter schiff about his hyper inflation calls. i know that you're saying you can't predict when this is going to happen but why haven't we seen that happen well you know i guess i still say the hyperinflation is the worst case scenario. that interview received traction from a certain new york times economist will discuss in loose change let's get to today's capital account. today we'll forget about the fiscal cliff for a moment and talk about some other deadlines approaching that may create a potential regulatory cliff for investors threatening that they may fall off unless they seek the safety of government debt i'm talking about changes in f.d.i.c deposit insurance as just one example and while investors may be perched on what we're calling a regulatory cliff of sorts big banks are able to crawl back from the ledge with the help of timothy geithner's treasury geithner is making some major moves before he has for the door and one which we've seen recently is the final word
as a measure of the economy's health at all we'll discuss and earlier this week we asked the natural commentator peter schiff about his hyper inflation calls. i know that you're saying you can't predict when this is going to happen but why haven't we seen that happen well you know i guess i still say the hyperinflation is the worst case scenario. that interview received traction from a certain new york times economist will discuss in loose change let's get to today's capital account. today...
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now from berlin with more on this what does this say package essentially mean for the eaves biggest economy. well what it means is that germany will be giving more financial aid towards greece now we saw m.p.'s voting in the reichstag with four hundred seventy three saying yes to this aid package one hundred saying no and eleven stand shin's now what this does mean no and it's been talked about throughout the week is next year alone it could cost germany over seven hundred million euros but we are seeing the politicians at least giving their support financial support towards greece however that support isn't being particularly backed up by some of the electorate here people on the streets of germany suggesting that perhaps greece should be left to its own devices. that is enough because we won't see this money ever again. ok but. at some point it should be stopped it's high time they were capable of helping themselves we're ok for now but some day we could also go broke this arlen specter. this is all you know we have already given at least so much more and they should start today. and ther
now from berlin with more on this what does this say package essentially mean for the eaves biggest economy. well what it means is that germany will be giving more financial aid towards greece now we saw m.p.'s voting in the reichstag with four hundred seventy three saying yes to this aid package one hundred saying no and eleven stand shin's now what this does mean no and it's been talked about throughout the week is next year alone it could cost germany over seven hundred million euros but we...
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another year will still be reporting about this next year at length and where do we stand with the german economy could it still withstand the eurozone collapse. no definitely not i mean if you really talk about a euro zone collapse that would mean lots of costs associated to this and i think this is not in the cards and it's the reason why the politicians really shy away from this thing but one thing that politicians should get used to thinking of is it doesn't really help greece to to remain in the euro zone and maybe all to portugal and maybe one or two other countries would they be better off being outside the euro zone so they would not script the entire project but maybe rewrite it again of course for some countries and not cutting off aid by getting them out of the euro but giving them a fresh perspective out of the euro where they could to go yet for example their currencies dr thanks for being on the program to get diarrhea maybe clear it will come back to you next year i'm sure we have the same chance again dr young hagen the faculty member of the european school of management and techn
another year will still be reporting about this next year at length and where do we stand with the german economy could it still withstand the eurozone collapse. no definitely not i mean if you really talk about a euro zone collapse that would mean lots of costs associated to this and i think this is not in the cards and it's the reason why the politicians really shy away from this thing but one thing that politicians should get used to thinking of is it doesn't really help greece to to remain...
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as a measure of the economy's health at all well discussed and earlier this week we asked the national commentator peter.
as a measure of the economy's health at all well discussed and earlier this week we asked the national commentator peter.
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the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a response from you about timothy geithner's plan that he put on the table. 1.6 trillion in revenue. $400 billion in cuts. i'm a little confused because the president said he will give $2.50 in spending cuts for every dollar in revenue. this is, this is the opposite. >> well, finally, the white house has learned not to negotiate with itself, but with the opposition, which is the republicans. remember, there is no real cliff. on january 1st, the only thing that goes away is the social security tax holiday and nobody is seriously talking about continuing that. all the other tax increases don't take place until sometime around march. gives congress plenty of time to rekrit them, but that's $4 trillion of additional revenues. so okay, we're going to cut that more than in half. that will probably mean reagan
the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a response from you about timothy geithner's plan that he put on the table. 1.6 trillion in revenue. $400 billion in cuts. i'm a little confused because the president said he will give $2.50 in spending...
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as a measure of the economy's health at all we'll discuss and earlier this week we asked financial commentator peter schiff about his hyper inflation calls. you know that you're saying you can't predict when this is going to happen but why haven't we seen that happen well you know i still say there.
as a measure of the economy's health at all we'll discuss and earlier this week we asked financial commentator peter schiff about his hyper inflation calls. you know that you're saying you can't predict when this is going to happen but why haven't we seen that happen well you know i still say there.
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. >> it is not leaving a strong economy, it is transforming the economy into a your -- european socialist. connell: thank you, monica. >> thank you. connell: we do have real numbers on the economy to talk about. today, we learned consumer spending is down for the month of october. not to worry says stuart hoffman. he joins us from pittsburgh. >> it is a deal when consumer spending falls. we should put it in context. in july, august and september contributors had a pretty good rebound. as you said, some of the hurricane sandy koufax did affect this number we will find out on monday whether the sales came back when they announced november numbers. if you average this out, we saw, even in our company, a decline in sales of our merchant services. we have seen more of a return to normal and i was encouraged, but i guess it is now black thursday to cyber monday sales look pretty good. connell: everyone says, all right, well, what if we do not get there in terms of this washington self that monica was just talking about and we do not have a deal at the end of the year. does that didn't stop us i
. >> it is not leaving a strong economy, it is transforming the economy into a your -- european socialist. connell: thank you, monica. >> thank you. connell: we do have real numbers on the economy to talk about. today, we learned consumer spending is down for the month of october. not to worry says stuart hoffman. he joins us from pittsburgh. >> it is a deal when consumer spending falls. we should put it in context. in july, august and september contributors had a pretty good...
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look at europe's economy down the road. 11.7% unemployment. that is another record high in the month of october. breaking that down, it is 18.7 million people out of work across the 17 eu countries that use the euro. spain and greece have the highest jobless rates. 25% is the unemployment rate in spain and greece with youth unemployment levels, look at this, almost 60% in spain and greece. bill: good luck with that, huh? what a future. debate now underway on capitol hill where the house is set to vote on the republican immigration reform bill. if it passes the stem act would get rid of the lottery system and reallocate 55,000 green cards that people with advanced degrease with science and engineering. doug mckelway live on the hill with the story this morning. this bill failed in september. why are republicans bringing it back now? >> reporter: bill, it failed back in september because it was brought up under suspension rules which requires 2/3 majority so it failed. it is coming back today under normal house rules which require simple majorit
look at europe's economy down the road. 11.7% unemployment. that is another record high in the month of october. breaking that down, it is 18.7 million people out of work across the 17 eu countries that use the euro. spain and greece have the highest jobless rates. 25% is the unemployment rate in spain and greece with youth unemployment levels, look at this, almost 60% in spain and greece. bill: good luck with that, huh? what a future. debate now underway on capitol hill where the house is set...
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major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> brown: the battle for control of syria reached ever closer to the capital today. heavy fighting flared near the damascus airport, and online access was cut, as the pressure intensified on president bashar al-assad. we have a report narrated by jonathan rugman of "independent television news." >> reporter: it could be the west's worst nightmare. jubilant jihadist fighters near damascus. this group has captured a helicopter and these islamists are now in the vanguard of syria's rebel army. syrian warplanes and helicopters were filmed attacking the fringes of the capital today. and t
major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you....
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it is a product he comes out with is good, if it is fair and just, and moves the countries economy, and starts declining the deficit then it's good. and the process will have worked. if it isn't, then we can revisit the process and say the process was flawed. >> the process getting there is the hard part. we could all in our heads draw up a deal but he has had people over the last couple of weeks, republicans taking risk. boehner took a risk, tom cole took a risk and he undercut them. he made them look stupid with what he did yesterday. they feel furious, they feel burned so you have to help your people along. you have to make it more possible. and so that's why i think you just got to what he offered was not only a balanced deal that would be fine if he offered something balance, he offered something even worse from the republican point of view than what he had offered a couple years ago. so he started with drawing things off the tab and it seemed like chest beats. >> we just went through an election, david. the republicans are the ones who are for medicare kurkts they really are. so w
it is a product he comes out with is good, if it is fair and just, and moves the countries economy, and starts declining the deficit then it's good. and the process will have worked. if it isn't, then we can revisit the process and say the process was flawed. >> the process getting there is the hard part. we could all in our heads draw up a deal but he has had people over the last couple of weeks, republicans taking risk. boehner took a risk, tom cole took a risk and he undercut them. he...
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people blame barack obama and the state of the economy, health care, what have you. now in 2012 you come back and you beat the guy who beat you and you're back, soon to be, in congress. tell me what lessons you learned in 2012? what was in your mind in a swing state of new hampshire the 2012 election about and what does it carry forward? >> well, first, let me say in 2010 there was a lot of misinformation about health care and about other issues we were voting on. and so people were understandably frightened and now as the health care law is being carried out they recognize that this is a very consumer friendly law. and so that has changed. the issues in this past election the proper role of government, and i was running against the tea partier who wanted to shut down so much of government functions and people recognize that they really do want to have good government. but they do want efficient government and they want to make sure they're watching out for their tax dollars. they do want medicare, social security. they want those programs. they just want us to be fi
people blame barack obama and the state of the economy, health care, what have you. now in 2012 you come back and you beat the guy who beat you and you're back, soon to be, in congress. tell me what lessons you learned in 2012? what was in your mind in a swing state of new hampshire the 2012 election about and what does it carry forward? >> well, first, let me say in 2010 there was a lot of misinformation about health care and about other issues we were voting on. and so people were...
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the risk of sending the economy back into recession, the risk of having the financial markets decide yet again no reason to have any faith or trust in washington. the risk of global contagion if the united states goes off this cliff. so as dana noted, most everyone thinks in the end they'll get this done. this is the time to sort of plant your flags. as you just noted, appease your base. but there's a risk because we're in such uncertain times after the election. the republicans are looking at a presidential defeat, but they still have the majority in the house, leader for senate up for re-election. as mitch mcconnell told "the wall street journal" today h, he wants to see the president put specifics on the table. he wants to see the president make those democrats mad and say i will raise the medicare eligibility age, i will means test medicare for more affluent americans. democrats are okay with that some of them anyway. he wants to show specific entitlement cut cards and then get revenues from the republicans, but both leader mcconnell and speaker boehner right now, joe, you know t
the risk of sending the economy back into recession, the risk of having the financial markets decide yet again no reason to have any faith or trust in washington. the risk of global contagion if the united states goes off this cliff. so as dana noted, most everyone thinks in the end they'll get this done. this is the time to sort of plant your flags. as you just noted, appease your base. but there's a risk because we're in such uncertain times after the election. the republicans are looking at...